Ayco Sucks Customer Reviews and Feedback
The Goldman Sachs Group, Inc., () is an American multinational investment bank and financial services company headquartered in New York City. It offers services in investment management, securities, asset management, prime brokerage, and securities underwriting. It also provides investment banking to institutional investors.
A former Administrative Assistant / Client Service Administrator gives his/her perspective about working at Ayko and shares it in a review for INDEED: "Biased management and supervisors While the majority of coworkers are GREAT people, the Office Managers, and Account Managers that I worked with are extremely biased and do not treat their employees well nor are they appreciative of associates who continuously do tasks above and beyond their job description. There was also backlash for taking medical leave though I postponed surgery to accommodate the business. Last but not least, the pay is far less than it should be and unfortunately they are one of the companies that pay new employees more than those who gave been with the company for an extended period and/or have prior experience."
says"New hires are hired at practically the same salary (and sometimes more) than associates who have been with Ayco for 1-3 years. There is zero loyalty to employees."
Former Employee - Anonymous Employee says"Horrible account managers especially in the international tax team - they are super insecure about their jobs because the work is very easy and they feel that they have to act like the work is difficult - they team up and gang up against you so they can intimidate you - the worst place i have ever worked in"
Former Employee - Technical Engineer says"Management views employees as easily replaceable and care about nothing other than money and glory. The culture is full of “yes” people that are ready to stab anyone in the back needed to get ahead. Poor vision that changes depending on politics."
Former Employee - Assistant says"Zero, and I mean zero training. I was hired in February 2019 and received no training until I quit in April. When I approached my direct supervisor I was told there was “no time” to train me and that I would have to wait until the conclusion of tax season. In the meantime I was told to scan clients tax documents, and that’s what I did for almost six weeks. Managers were extremely unapproachable and told employees that there was no time to ask/answer questions. Toxic environment and I am so glad I quit."
Current Employee - Senior Analyst says"Nightmare of a manager. Attacks employees personally. Never provides positive feedback."
Former Employee - Anonymous Employee says"Where to begin? The only thing anyone leading the company cares about is making money. There is a level of arrogance and entitlement unlike anything you've ever seen. Zero integrity in management (as other reviews have said, they lie right to your face). The culture become unbearable after Goldman took over."
Former Employee - Anonymous Employee says"Management consistently lies to your face and tears you like an idiot child. They lie about big and small things and the management who are the true idiots can't keep their stories straight so when got talk to a co worker you have a different version. They recently fired someone who worked their for around 25 years who made 6 figures. They told half the people she was fired the other half she left. She had like 35 days off a year and a huge severance package and supplied health insurance for her family but yeah she quit. In addition to the above and what's in the pros, All benefits besides time off is awful. Pay is below the industry. Office is always cold, yes it's cold in the winter and cold in the summer."
Former Employee - Operations Analyst says"This company will take your soul. This was the most gruesome 3 months I ever spent at any job I've ever had. The work was mundane & the pay wasn't worth how miserable I felt every morning. I dreamed of working at this company for years, but trust me when I say the name is not work the misery. Skip this place and work for a company that cares about giving you career opportunities and your personal skill development."
Former Employee - Financial Planner says"Ayco has the most miserable, toxic work environment that I have experienced in my professional career. You will be worked to death so that, if by the grace of the gods, you will become the almighty account manager. You will be judged completely by how many hours your put in and not by the actual quality of your work. Be expected to work from 8 am - 8 pm Monday - Friday, as well as come in one day per weekend. 90% of the employees sit around complaining about how much they hate their job. They openly state that they are actively seeking other jobs. Raises? Bonuses? Not a chance. You are lucky to receive a $500 salary increase, even with a promotion. Bonuses generally range from $0 - 2,000. Ayco itself can have a fantastic monetary year, but salary and bonuses are completely dictated by Goldman Sachs. Ayco loves to blame not giving bonuses and salary increases on Goldman having a bad fourth quarter. Don't worry about the Goldman executives - Ayco services them as clients and they make millions every year, even when Goldman has a "bad" year. Upper level management will continuously lie to you to get you to work harder, only have to your hopes and dreams crushed shattered at the end of the year. Did I mention tax season? You get to do your full time job in addition to preparing a boat load of complex tax returns. Tax season breaks people because it so painfully miserable full of archaic processes and procedures. "Technology." Saying that Ayco has "technology" is offensive to the word. My computer in 1995 had a faster operating system. Ayco uses thousands of programs rather than one integrated system, such as a company like Merrill Lynch. Your computer will constantly crash and you get used to seeing "Not Responding" multiple times throughout the day. Management loves to talk about making process more "effecient" but they refuse to invest in modern technology. Compliance. Ayco likes to make things as difficult as possible for the employee from a compliance perspective. Minor things like changing a client's email address or phone number is a major chore. The holy grail aka Account Manager role. The account manager position is what everyone at Ayco strives to be. This is the position that generates all of the money and respect. If you are not on a career path to become account manager, then you might as well go ahead and find a new company to work for. Everyone knows that account managers make good money, but management loves to keep their little payment formula a secret. Let me enlighten you roughly on their compensation structure: Account managers make 1/3 of the counseling fee that Ayco charges clients. Ayco's counseling fee averages to be about $10,000 per client. If an account manager has 60 clients, then they are generating about $600,000. This makes them about $200,000. Next, Ayco's fees for assets under management depend upon the investment strategy. On average, account managers receive a $2,000 raise per every $1,000,000 in a managed strategy. If an advisor has $100,000,000 under management, then this will generate approximately $200,000 of income for the account manager. Lastly, account managers receive a percentage of premium for any life insurance, LTC, annuities, etc. that they sell. It's not usual huge numbers but can add up to another $25 - 50,000 for an average account manager. While the account manager role can be financially rewarding, it is a position that requires an immense amount of work and day trip travelling 2-3 days a week. It is grueling and pretty much kills your chance at spending any time with family. Ayco advisors are required to have a minimum of 4 meetings with clients per year, compared to most investment advisors who meet 1 - 2 times per year. Tax season also puts more stress on the advisors. Many of them burn out and move onto other companies, even if it means taking a pay decrease. The wealthiest clients are always tied up among a few advisors at every Ayco office. Literally there may be 3 advisors at an office that make as much as 12 other advisors combined. Management plays favorites with certain advisors and hands them the best of the best clients. This list could go on forever. Please do yourself a favor and take a job elsewhere. I don't want any more people to have to experience the depression that Ayco causes its employees. Ayco will forever be Goldman Sachs' ugly step child."
Former Employee - Anonymous Employee says"bad retirement benefits, call center-style environment. associates speak negatively of company."
Administrative Assistant / Client Service Administrator (Former Employee) says"While the majority of coworkers are GREAT people, the Office Managers and Account Managers that I worked with are extremely biased and do not treat their employees well nor are they appreciative of associates who continuously do tasks above and beyond their job description. There was also backlash for taking medical leave though I postponed surgery to accommodate the business. Last but not least, the pay is far less than it should be and unfortunately they are one of the companies that pay new employees more than those who gave been with the company for an extended period and/or have prior experience."
Administrative Assistant (Former Employee) says"I was an admin for three years. In that time none of my suggestions on workflow, processes etc were considered....until AFTER I left. Ayco could be having a great year but if Goldman Sachs did poorly then there was absolutely no compensation for Ayco employees. Hard to get motivated when you get nothing in return. There was no identifiable career ladder for admins and no real effort on management's part to keep quality people in that position. In addition, from an ethical perspective, I had a hard time working for a company that worked to support millionaires and barely paid a livable wage to some of its employees.Loved some of the people I worked withPoor management"
Operations analyst (Former Employee) says"This is easily the worst company I've ever worked for. Management is very unorganized and pulls you in different directions. And then once mistakes are made, it falls back on the lowest person in line. I was in the insurance division, definitely stay away from that. The other divisions like new accounts or annuities is alright. Less distinction by management.Relaxed work environmentManagement, pay, benefits, lack of direction"
Administrative Assistant (Former Employee) says"This place will literally suck the life out of you. There us preferential treatment for suck ups and friends of management. Everyone is scrutinized for everything.Holiday partiesManagement"
Operations Analyst (Former Employee) says"To start the culture of Ayco is awesome. The environment is laid back, and not stressful (most of the time). I worked in policy services in the operations department. The job started great. The people were friendly, and there was a lot of information to learn. Around my fourth month, the mood started to change. The managers started picking out the mistakes I would make. However, the mistakes were all inevitable because there is NO training, whatsoever. The training is done on a "fly by the seat of your pants" basis. It seemed like everything anyone did, if it was done wrong, somehow fell back on me. The managers hold no responsibility for their own actions, they simply take advantage of the analysts and once they've gotten enough out of you they let you go. 6 people were in my position in the past 2 years... thats a terrible employee turnover rate. To conclude, the company is nice, but the policy services department, and operations as a whole should be avoided. Don't expect to be with the company for a long time. I ended up quitting before I could be fired. There was no opportunity for advancement, and the position was not as it was described by management and interviewers.cafe, busy work makes the time go quickmanagement, strict and unclear rules, unfair distribution of work, lack of direction, etc."
Analyst (Current Employee) says"The employees here are the only redeeming quality. Management is not good. Comp and benefits are not good. You are not rewarded for hard work, but rather based on who management favors."
Administrator (Current Employee) says"The culture is good. Everyone is very friendly. They really do not give out raises or bonuses. They do not reward you for getting MBA or getting licenses. If you get a new position they do not pay you a higher salary."
Client Administrator (Former Employee) says"On a typical day you are expected to be there at 8 am sharp, any later and they want to review your hours. Management plays like they care about work life balance but they really don't. The culture is racist and white collar. This place is not for anyone of color."
Assistant (Former Employee) says"100% democratic company, consistently will shove their views down your throat, constant changes in which they never consider the employees lives or feelings. Ayco as a company by itself is phenomenal because they were always for the client and the client relationship, but when Goldman Sachs came on board that all changed. Goldman Sachs is money focused only they are not client relationship focused and that ultimately is what will bring this company to its knees.Great benefitsOverworked, stressful environment"
Financial Analyst (Current Employee) says"Get licensed and get out. They pay for your series 65 sie 7 and 63. Have them pay for those work there for a year or two so you can put Goldman on your resume and get out.Pay for licensingPay"
Mailroom Associate/Receptionist (Former Employee) says"Was hoping it was a company I could grow in. Had the bad luck of working for a manager who didn't know how to manage. Staff in other departments treated me better then my coworkers and manager did."
Financial Planning Analyst Foundational Coaching (Current Employee) says"They are hiring around 15-20 new employees for the first of 2020. The company is growing but your pay is staying the same. The pay is pathetically low. Micro-managers always looking over your shoulder. Team leaders and managers in foundational coaching do not know how to lead people. Team leaders / managers are looking over your shoulder at everything you do like web browser history, checking in on your client conversations constantly, and just stat minded mentality over client satisfaction. Progressing in your career is non-existent. Glass ceiling everywhere especially in foundational since the team leaders have no drive to further their career or education. In all it isn't bad. They throw good parties. Other sections of the company are in a silo just like the others departments. Great entry level, pay to get your 7 / 66. Get licensed and get out to another company that you can really grow yourself and career."
Sr. Administrative Assistant (Current Employee) says"fast paced multi tasked. some good perks. expected to work independently. tax season requires overtime. workplace culture is supportive. typical day is scheduling meetings, logging data, scanning, software for correspondence. on computer all day."
Financial Planner (Current Employee) says"Excellent subject knowledge on financial planning topics Has potential for great work atmosphere Lacks information on other departments within the companyGreat co-workersSalary"
Picador de fibra de vidrio (Former Employee) says"mal trato por parte de supervisores, falta de criterio para tomar desiciones, no valoran el trabajo y esfurzo de uno, no hay oportunidad de ascenderprestacionesmal trato a personal"
Auxiliar de Contabilidad (Former Employee) says"Es la empresa que me dio la oportunidad de iniciarme en el mundo laboral ya que la empresa fue en la que hice la práctica del SENA y por ello la tengo como un referente en mi vida laboral y personal. Y en la segunda oportunidad me da algo de nostalgia por no poder durar el tiempo que había durado anteriormente.seguridad social, buen ambiente de trabajo, aprendizajepoco tiempo para laborar"
Tax Analyst (Former Employee) says"The Ayco/Goldman Sachs name carries a lot of weight and is good to have on your resume. That said, be prepared to be overworked and underpaid for that work. Very competitive, money-driven atmosphere. Unhappy employees, high turnover."
Financial Counseling Intern (Former Employee) says"Invest a lot in new hires. Put you through a 10 week training program then given time to study for licensing exams. Once you have passed your exams you are moved onto an account managers team. You work for the account manager behind the scenes doing tax projections, meeting preps, and etc. for 5-8 years before becoming client facing. Pay is quite low until you become an account manager and work life balance is bad for everybody especially during tax season. Not much diversity.Learn a lot about financial planning, Work with portfolio of high net worth clients right away, Pathway to become an account manager.Pay. Work life balance. No Diversity. Do not own your book."
Assistant (Former Employee) says"Even though I wasn't with Ayco for a long period, I knew it wasn't a good fit for me professionally. I am the type of person that likes to be constantly busy and that wasn't the case at Ayco, also the executives were set in their ways and didn't like me being proactive for certain projects, because when I was proactive, I was told that this could cause harm to relationships that were established with those on the Goldman Sachs side."
Level II Intern (Current Employee) says"Good atmosphere, not a lot of room for advancement. Pay is heavily unbalanced towards account managers and almost everyone on the company is fighting for that position."
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